Sales/Results·Phillips Geneva·5 November 2025·Online auction CH060325
Geneva Jewels: Online Auction
$1.21m in total, buyer’s premium included
Top lots per carat 12 lots · the highest prices per carat of the sale
$10,832per carat
Lot 502
Sapphire, diamond and enamel ring
1.25 ct · Kashmir · No heat
×1.8 high estimate
Estimate USD 5k – 7k
USD 13,540$10,832 per carat
$6,697per carat
Lot 517
Emerald and diamond ring, 1920s
3.33 ct · Colombia · Minor oil
×1.0 high estimate
Estimate USD 17k – 23k
USD 22,300$6,697 per carat
$5,580per carat
Lot 589
Diamond ring
1.57 ct
×0.7 high estimate
Estimate USD 8k – 12k
USD 8,761$5,580 per carat
$5,416per carat
Lot 568
Spinel and diamond ring
5.00 ct · Burma · No heat
×2.7 high estimate
Estimate USD 7k – 10k
USD 27,079$5,416 per carat
$4,986per carat
Lot 584
Sapphire and diamond ring
6.07 ct
×1.5 high estimate
Estimate USD 14k – 20k
USD 30,265$4,986 per carat
$4,174per carat
Lot 531
Diamond ring
4.58 ct
×0.8 high estimate
Estimate USD 12k – 23k
USD 19,115$4,174 per carat
$4,104per carat
Lot 576
Paraiba tourmaline and diamond ring, alexander laut
4.27 ct · Mozambique
×0.9 high estimate
Estimate USD 12k – 19k
USD 17,522$4,104 per carat
$4,061per carat
Lot 579
Diamond ring
1.02 ct
×0.6 high estimate
Estimate USD 5k – 7k
USD 4,142$4,061 per carat
$3,251per carat
Lot 567
Diamond and ruby ring
3.43 ct
×0.8 high estimate
Estimate USD 10k – 15k
USD 11,150$3,251 per carat
$3,186per carat
Lot 507
Sapphire and diamond ring
3.00 ct · Ceylon · No heat
×0.8 high estimate
Estimate USD 8k – 12k
USD 9,557$3,186 per carat
$3,175per carat
Lot 529
Emerald and diamond bracelet
3.01 ct · Colombia · Minor oil
×1.0 high estimate
Estimate USD 5k – 10k
USD 9,557$3,175 per carat
$2,708per carat
Lot 530
Emerald and diamond necklace
7.06 ct · Colombia · Moderate oil
×1.3 high estimate
Estimate USD 10k – 15k
USD 19,115$2,708 per carat
Sapphires 7 lots
$10,832per carat
Lot 502
Sapphire, diamond and enamel ring
1.25 ct · Kashmir · No heat
×1.8 high estimate
Estimate USD 5k – 7k
USD 13,540$10,832 per carat
$3,186per carat
Lot 507
Sapphire and diamond ring
3.00 ct · Ceylon · No heat
×0.8 high estimate
Estimate USD 8k – 12k
USD 9,557$3,186 per carat
$4,986per carat
Lot 584
Sapphire and diamond ring
6.07 ct
×1.5 high estimate
Estimate USD 14k – 20k
USD 30,265$4,986 per carat
$799per carat
Lot 573
Sapphire and diamond ring
9.97 ct
×1.2 high estimate
Estimate USD 4k – 7k
USD 7,964$799 per carat
$423per carat
Lot 605
Yellow sapphire, sapphire and diamond ring
8.29 ct
×1.1 high estimate
Estimate USD 2k – 3k
USD 3,504$423 per carat
Lot 586
Pair of sapphire and diamond earrings, Boucheron
Estimate USD 22k – 27k
Not sold
Lot 630
Sapphire and diamond ring
4.10 ct · No heat
Estimate USD 8k – 12k
Not sold
Emeralds 10 lots
$6,697per carat
Lot 517
Emerald and diamond ring, 1920s
3.33 ct · Colombia · Minor oil
×1.0 high estimate
Estimate USD 17k – 23k
USD 22,300$6,697 per carat
$3,175per carat
Lot 529
Emerald and diamond bracelet
3.01 ct · Colombia · Minor oil
×1.0 high estimate
Estimate USD 5k – 10k
USD 9,557$3,175 per carat
$2,708per carat
Lot 530
Emerald and diamond necklace
7.06 ct · Colombia · Moderate oil
×1.3 high estimate
Estimate USD 10k – 15k
USD 19,115$2,708 per carat
Lot 599
Emerald and diamond ring
1.56 ct · Colombia · Insignificant oil
Estimate USD 25k – 37k
Not sold
Lot 598
Pair of emerald and diamond earrings
Colombia · Minor oil
Estimate USD 25k – 32k
Not sold
$1,816per carat
Lot 581
Emerald and diamond ring
5.70 ct
×1.3 high estimate
Estimate USD 5k – 8k
USD 10,354$1,816 per carat
$760per carat
Lot 585
Emerald and diamond ring
5.45 ct
×0.6 high estimate
Estimate USD 4k – 7k
USD 4,142$760 per carat
$9,557price paid
Lot 596
Emerald and diamond necklace, chimento
×0.9 high estimate
Estimate USD 7k – 10k
USD 9,557
$3,823price paid
Lot 528
Gold, emerald and diamond brooch
×0.6 high estimate
Estimate USD 4k – 6k
USD 3,823
Lot 601
Emerald and diamond pendant
26.95 ct
Estimate USD 27k – 40k
Not sold
Pearls and cultured pearls 4 lots
$22,300price paid
Lot 510
Natural pearl and diamond earrings
×2.3 high estimate
Estimate USD 7k – 10k
USD 22,300
$4,460price paid
Lot 511
Natural pearl and and diamond brooch, mauboussin
×0.7 high estimate
Estimate USD 4k – 6k
USD 4,460
$5,575price paid
Lot 509
Cultured pearl and diamond choker
×0.9 high estimate
Estimate USD 4k – 6k
USD 5,575
$5,097price paid
Lot 614
Mother-of-pearl, rock crystal and gold ring, vhernier
×1.7 high estimate
Estimate USD 2k – 3k
USD 5,097
Signed jewels 68 lots
$4,104per carat
Lot 576
Paraiba tourmaline and diamond ring, alexander laut
4.27 ct · Mozambique
×0.9 high estimate
Estimate USD 12k – 19k
USD 17,522$4,104 per carat
$293per carat
Lot 628
Pink tourmaline and diamond ring, alexander laut
20.64 ct
×1.0 high estimate
Estimate USD 4k – 6k
USD 6,053$293 per carat
$455per carat
Lot 632
Aquamarine and diamond ring, alexander laut
10.50 ct
×0.8 high estimate
Estimate USD 4k – 6k
USD 4,779$455 per carat
$3,026price paid
Lot 627
Peridot and diamond ring, alexander laut
×0.5 high estimate
Estimate USD 4k – 6k
USD 3,026
Lot 588
Alexandrite and diamond ring, alexander laut
3.30 ct · No heat
Estimate USD 14k – 25k
Not sold
$5,097price paid
Lot 556
Pair of sapphire and diamond earrings, benoît de gorski
×0.6 high estimate
Estimate USD 5k – 8k
USD 5,097
$23,893price paid
Lot 534
Gold and diamond vanity case, Boucheron
×0.8 high estimate
Estimate USD 19k – 31k
USD 23,893
$6,372price paid
Lot 520
Enamel and diamond brooch, Boucheron
×1.1 high estimate
Estimate USD 3k – 6k
USD 6,372
$2,549price paid
Lot 591
Diamond, gold and enamel ring, 'Double trouble', Boucheron
×1.0 high estimate
Estimate USD 1k – 2k
USD 2,549
Lot 586
Pair of sapphire and diamond earrings, Boucheron
Estimate USD 22k – 27k
Not sold
$12,743price paid
Lot 606
Diamond and gold parure, 'Allegra', Bulgari
×1.9 high estimate
Estimate USD 5k – 7k
USD 12,743
$9,557price paid
Lot 560
Gold wristwatch, 'Bulgari Bulgari'
×2.8 high estimate
Estimate USD 2k – 3k
USD 9,557
$6,690price paid
Lot 618
Gem-set and diamond necklace, 'Musa', Bulgari
×1.0 high estimate
Estimate USD 5k – 7k
USD 6,690
$5,575price paid
Lot 621
Gold and diamond ring, 'Serpenti', Bulgari
×0.8 high estimate
Estimate USD 4k – 7k
USD 5,575
$4,779price paid
Lot 617
Gold ring, 'Tubogas', Bulgari
×2.4 high estimate
Estimate USD 1k – 2k
USD 4,779
$2,867price paid
Lot 607
Gold ring, 'Parentesi', Bulgari
×1.5 high estimate
Estimate USD 1k – 2k
USD 2,867
$2,230price paid
Lot 622
Gold ring, 'Parentesi', Bulgari
×1.1 high estimate
Estimate USD 1k – 2k
USD 2,230
$27,079price paid
Lot 524
Gold, enamel and diamond vanity case, 1920s, Cartier
×1.0 high estimate
Estimate USD 16k – 27k
USD 27,079
$20,708price paid
Lot 519
Turquoise, sapphire and diamond brooch/pendant combination, Cartier
×1.0 high estimate
Estimate USD 15k – 20k
USD 20,708
$15,929price paid
Lot 554
Diamond and gold earrings, Cartier
×0.9 high estimate
Estimate USD 12k – 17k
USD 15,929
$13,540price paid
Lot 546
Tiger'S eye and gold brooch, Cartier
×1.4 high estimate
Estimate USD 6k – 10k
USD 13,540
$12,346price paid
Lot 518
Agate, ruby and enamel desk timepiece, Cartier
×1.1 high estimate
Estimate USD 9k – 11k
USD 12,346
$9,557price paid
Lot 527
Ruby, diamond and gold brooch, 1950s, Cartier
×1.2 high estimate
Estimate USD 5k – 8k
USD 9,557
$9,557price paid
Lot 604
Pink gold, titanium and diamond wristwatch, 'Declaration', Cartier
×3.9 high estimate
Estimate USD 1k – 2k
USD 9,557
$6,690price paid
Lot 635
Amethyst and diamond ring, 'Cristaux glacés', Chanel
×1.4 high estimate
Estimate USD 3k – 5k
USD 6,690
$6,372price paid
Lot 616
Rock crystal, diamond and gold ring, 'Sous le signe du lion', Chanel
×2.1 high estimate
Estimate USD 2k – 3k
USD 6,372
Lot 640
Ruby and diamond wristwatch, 'Camélia', Chanel
1.59 ct
Estimate USD 22k – 35k
Not sold
$5,575price paid
Lot 626
Diamond and gem-set bracelet, chantecler
×0.9 high estimate
Estimate USD 4k – 6k
USD 5,575
$12,743price paid
Lot 610
Coral, cultured pearl and gold pendent necklace and a pair of diamond, coral and hematite earrings, Chaumet
×1.5 high estimate
Estimate USD 6k – 9k
USD 12,743
$9,557price paid
Lot 596
Emerald and diamond necklace, chimento
×0.9 high estimate
Estimate USD 7k – 10k
USD 9,557
$4,142price paid
Lot 603
Enamel and diamond ring, David Webb
×1.2 high estimate
Estimate USD 2k – 3k
USD 4,142
$8,761price paid
Lot 608
Pair of diamond and gold earrings, 'Chiocciolina', de Grisogono
×1.1 high estimate
Estimate USD 5k – 8k
USD 8,761
$5,097price paid
Lot 612
Gold and lacquer ring, 'Mitza', Dior
×1.7 high estimate
Estimate USD 2k – 3k
USD 5,097
$4,779price paid
Lot 602
Onyx, yellow sapphire and diamond ring, 'Rose Dior pré catelan'
×0.8 high estimate
Estimate USD 4k – 6k
USD 4,779
$4,779price paid
Lot 623
Gem-set and gold ring, Dior
×2.4 high estimate
Estimate USD 988 – 2k
USD 4,779
$6,690price paid
Lot 505
Hardstone and diamond brooch, e. paltscho
×0.8 high estimate
Estimate USD 5k – 8k
USD 6,690
$4,779price paid
Lot 544
Ivory and gold bangle, gay frères
×1.5 high estimate
Estimate USD 2k – 3k
USD 4,779
$55,751price paid
Lot 580
Diamond eternity ring, Graff
×9.4 high estimate
Estimate USD 4k – 6k
USD 55,751
$6,372price paid
Lot 547
Gold and diamond earrings, 1970s, grima
×1.1 high estimate
Estimate USD 4k – 6k
USD 6,372
$3,823price paid
Lot 553
Gold chain, 'Horsebit', gucci
×1.0 high estimate
Estimate USD 2k – 4k
USD 3,823
$3,504price paid
Lot 611
Diamond and gold ring, 'Horsebit', gucci
×0.9 high estimate
Estimate USD 2k – 4k
USD 3,504
$1,355price paid
Lot 550
Gold and diamond ring, ilias lalaounis
×1.2 high estimate
Estimate USD 803 – 1k
USD 1,355
$11,150price paid
Lot 533
Gem-set and gold brooch, Jacques Lacloche
×0.8 high estimate
Estimate USD 10k – 15k
USD 11,150
$11,150price paid
Lot 563
Pair of aluminum ear clips, 'Autumn geranium', JAR
×1.5 high estimate
Estimate USD 5k – 7k
USD 11,150
$6,690price paid
Lot 545
Pair of aluminium ear clips, 'Fig leaves', JAR
×0.8 high estimate
Estimate USD 5k – 8k
USD 6,690
$7,168price paid
Lot 504
Diamond double-clip brooch, john steltman
×1.2 high estimate
Estimate USD 4k – 6k
USD 7,168
$2,708price paid
Lot 619
Emerald, diamond and gold ring, lalaounis
×0.5 high estimate
Estimate USD 3k – 5k
USD 2,708
Lot 558
Amethyst, citrine and cultured pearl necklace, Marina B
Estimate USD 5k – 8k
Not sold
Lot 559
Amethyst, citrine and cultured pearl necklace, Marina B
Estimate USD 5k – 8k
Not sold
$15,929price paid
Lot 549
Gold bracelet, mario Buccellati
×2.0 high estimate
Estimate USD 6k – 8k
USD 15,929
$20,708price paid
Lot 564
Diamond and gem-set demi-parure, mauboussin
×0.8 high estimate
Estimate USD 17k – 25k
USD 20,708
$4,460price paid
Lot 511
Natural pearl and and diamond brooch, mauboussin
×0.7 high estimate
Estimate USD 4k – 6k
USD 4,460
$1,752price paid
Lot 541
Gold, lacquer and porcelain fountain pen together with a silver and lacquer fountain pen, montblanc
×0.7 high estimate
Estimate USD 2k – 2k
USD 1,752
$1,434price paid
Lot 543
Two sets of gold and resin writing instruments, montblanc
×0.6 high estimate
Estimate USD 1k – 2k
USD 1,434
$3,186price paid
Lot 636
Ruby and diamond pendent necklace, Mouawad
×1.3 high estimate
Estimate USD 2k – 2k
USD 3,186
$5,575price paid
Lot 535
Tortoiseshell and gem-set brooch/pendant combination, 'Manina', nardi
×0.7 high estimate
Estimate USD 6k – 8k
USD 5,575
$6,690price paid
Lot 523
Gold wristwatch, circa 1940, patek philippe
×1.1 high estimate
Estimate USD 4k – 6k
USD 6,690
$9,557price paid
Lot 609
Gold wristwatch, 'Polo', Piaget
×1.9 high estimate
Estimate USD 3k – 5k
USD 9,557
$7,646price paid
Lot 615
Gold and diamond set, Piaget
×2.6 high estimate
Estimate USD 2k – 3k
USD 7,646
$6,372price paid
Lot 555
Diamond and gold bracelet, Piaget
×2.6 high estimate
Estimate USD 1k – 2k
USD 6,372
Lot 552
Gold and diamond bracelet, Pomellato
Estimate USD 8k – 11k
Not sold
$7,964price paid
Lot 590
Pair of rutilated quartz earrings, rené boivin
×1.0 high estimate
Estimate USD 5k – 8k
USD 7,964
$6,690price paid
Lot 557
Tiger'S eye, citrine and gold ring, rené boivin
×1.0 high estimate
Estimate USD 5k – 7k
USD 6,690
$2,708price paid
Lot 503
Diamond ladies' wristwatch, 1920s, Tiffany & Co.
×0.8 high estimate
Estimate USD 1k – 3k
USD 2,708
Lot 536
Garnet, gold and silver bracelet, Tiffany & Co.
Estimate USD 5k – 8k
Not sold
$8,761price paid
Lot 561
Gold bracelet, Van Cleef & Arpels
×1.5 high estimate
Estimate USD 4k – 6k
USD 8,761
$5,097price paid
Lot 614
Mother-of-pearl, rock crystal and gold ring, vhernier
×1.7 high estimate
Estimate USD 2k – 3k
USD 5,097
$3,504price paid
Lot 539
Silver bracelet, wièse
×1.6 high estimate
Estimate USD 2k – 2k
USD 3,504
Vintage 8 lots
$27,079price paid
Lot 524
Gold, enamel and diamond vanity case, 1920s, Cartier
×1.0 high estimate
Estimate USD 16k – 27k
USD 27,079
$6,697per carat
Lot 517
Emerald and diamond ring, 1920s
3.33 ct · Colombia · Minor oil
×1.0 high estimate
Estimate USD 17k – 23k
USD 22,300$6,697 per carat
$10,354price paid
Lot 526
Gold and diamond bracelet, circa 1950
×1.0 high estimate
Estimate USD 6k – 10k
USD 10,354
$9,557price paid
Lot 527
Ruby, diamond and gold brooch, 1950s, Cartier
×1.2 high estimate
Estimate USD 5k – 8k
USD 9,557
$6,690price paid
Lot 523
Gold wristwatch, circa 1940, patek philippe
×1.1 high estimate
Estimate USD 4k – 6k
USD 6,690
$2,708price paid
Lot 538
Pair of emerald and diamond earrings, 18th century
×0.7 high estimate
Estimate USD 2k – 4k
USD 2,708
$2,708price paid
Lot 503
Diamond ladies' wristwatch, 1920s, Tiffany & Co.
×0.8 high estimate
Estimate USD 1k – 3k
USD 2,708
Lot 513
Pair of diamond, coral and onyx earrings, 1920s
Estimate USD 8k – 12k
Not sold
Other jewels 46 lots
$71,680price paid
Lot 506
Colour-change sapphire and diamond pendent necklace
×3.6 high estimate
Estimate USD 15k – 20k
USD 71,680
$41,415price paid
Lot 566
Ruby and diamond necklace
×1.2 high estimate
Estimate USD 25k – 35k
USD 41,415
$893per carat
Lot 633
Aquamarine ring
39.24 ct
×1.5 high estimate
Estimate USD 12k – 23k
USD 35,044$893 per carat
$25,486price paid
Lot 565
Pair of ruby and diamond earrings
×3.4 high estimate
Estimate USD 5k – 7k
USD 25,486
$23,893price paid
Lot 562
Multi-gem and gold scarf necklace
×4.8 high estimate
Estimate USD 3k – 5k
USD 23,893
$15,929price paid
Lot 638
Diamond ring and a pair of diamond ear studs
E · VS1
×0.5 high estimate
Estimate USD 14k – 30k
USD 15,929
$15,929price paid
Lot 514
Diamond rivière necklace
×1.7 high estimate
Estimate USD 7k – 9k
USD 15,929
$13,540price paid
Lot 571
Pair of diamond earrings
×0.9 high estimate
Estimate USD 10k – 15k
USD 13,540
$12,743price paid
Lot 512
Sapphire and diamond bracelet
×1.1 high estimate
Estimate USD 8k – 12k
USD 12,743
$11,947price paid
Lot 577
Diamond bracelet
×1.0 high estimate
Estimate USD 8k – 12k
USD 11,947
$11,947price paid
Lot 629
Gem-set and diamond necklace
×1.1 high estimate
Estimate USD 7k – 11k
USD 11,947
$11,150price paid
Lot 570
Diamond ring
×0.8 high estimate
Estimate USD 10k – 15k
USD 11,150
$10,354price paid
Lot 631
Pair of sapphire and diamond earrings
×0.9 high estimate
Estimate USD 8k – 12k
USD 10,354
$10,354price paid
Lot 508
Diamond and sapphire earrings
×1.0 high estimate
Estimate USD 6k – 10k
USD 10,354
$10,354price paid
Lot 522
Agate and diamond cameo brooch and two gold bracelets
×1.0 high estimate
Estimate USD 7k – 10k
USD 10,354
$9,557price paid
Lot 593
Ruby and diamond bracelet
×1.3 high estimate
Estimate USD 6k – 7k
USD 9,557
$8,761price paid
Lot 625
Tourmaline, peridot and diamond parure
×0.8 high estimate
Estimate USD 7k – 11k
USD 8,761
$2,229per carat
Lot 639
Spinel and diamond ring
3.43 ct · Burma · No heat
×1.0 high estimate
Estimate USD 5k – 8k
USD 7,646$2,229 per carat
$7,168price paid
Lot 600
Emerald and diamond ear clips
×1.0 high estimate
Estimate USD 5k – 7k
USD 7,168
$6,372price paid
Lot 537
Chrysoberyl ring
×0.9 high estimate
Estimate USD 5k – 7k
USD 6,372
$6,372price paid
Lot 569
Ruby and diamond demi-parure
×0.9 high estimate
Estimate USD 4k – 7k
USD 6,372
$6,372price paid
Lot 595
Pair of ruby and diamond earrings
×1.1 high estimate
Estimate USD 4k – 6k
USD 6,372
$6,053price paid
Lot 637
Pair of ruby and diamond earrings
×1.0 high estimate
Estimate USD 4k – 6k
USD 6,053
$5,575price paid
Lot 634
Diamond necklace
×1.5 high estimate
Estimate USD 3k – 4k
USD 5,575
$4,779price paid
Lot 575
Diamond necklace
×0.7 high estimate
Estimate USD 4k – 7k
USD 4,779
$4,779price paid
Lot 525
Group of three gold, gem set and diamond brooches
×1.6 high estimate
Estimate USD 2k – 3k
USD 4,779
$4,142price paid
Lot 574
Sapphire and diamond necklace and a pair of diamond earrings
×0.7 high estimate
Estimate USD 3k – 6k
USD 4,142
$3,823price paid
Lot 532
Two gold and diamond brooches
×1.3 high estimate
Estimate USD 2k – 3k
USD 3,823
$3,504price paid
Lot 597
Tanzanite, emerald and diamond ring
×0.6 high estimate
Estimate USD 4k – 6k
USD 3,504
$3,504price paid
Lot 516
Diamond pendent necklace
×0.7 high estimate
Estimate USD 3k – 5k
USD 3,504
$3,504price paid
Lot 515
Pair of diamond brooches
×1.2 high estimate
Estimate USD 2k – 3k
USD 3,504
$1,385per carat
Lot 578
Diamond pendent necklace
2.30 ct
×0.6 high estimate
Estimate USD 3k – 5k
USD 3,186$1,385 per carat
$3,186price paid
Lot 624
Coloured sapphire bracelet
×0.7 high estimate
Estimate USD 3k – 4k
USD 3,186
$2,708price paid
Lot 594
Ruby and diamond ring
×0.5 high estimate
Estimate USD 4k – 6k
USD 2,708
$2,708price paid
Lot 521
Pair of emerald, ruby and sapphire earrings
×1.1 high estimate
Estimate USD 1k – 2k
USD 2,708
$2,389price paid
Lot 620
Pair of gold and emerald cufflinks
×2.4 high estimate
Estimate USD 617 – 988
USD 2,389
$1,911price paid
Lot 501
Diamond and onyx brooch
×1.3 high estimate
Estimate USD 988 – 1k
USD 1,911
$1,593price paid
Lot 613
Opal and diamond pendant
×0.5 high estimate
Estimate USD 2k – 3k
USD 1,593
$1,195price paid
Lot 548
Gold and diamond ring
×0.5 high estimate
Estimate USD 1k – 2k
USD 1,195
$956price paid
Lot 542
Silver fountain pen
×0.6 high estimate
Estimate USD 988 – 1k
USD 956
$796price paid
Lot 540
Coral, cultured pearl and sapphire necklace
×0.7 high estimate
Estimate USD 803 – 1k
USD 796
Lot 582
Diamond necklace
Estimate USD 16k – 21k
Not sold
Lot 583
Diamond and sapphire bracelet
Estimate USD 12k – 21k
Not sold
Lot 587
Sapphire and diamond ring
Estimate USD 15k – 20k
Not sold
Lot 592
Spinel and diamond ring
4.45 ct · Burma · No heat
Estimate USD 12k – 17k
Not sold
Lot 572
Pair of sapphire and diamond earrings
Estimate USD 7k – 11k
Not sold
Prices are the prices paid, buyer’s premium included, as Phillips publishes them; prices per carat and comparisons with the estimates use them too (Phillips estimates do not include the premium). Prices in USD at the ECB rate of 5 November 2025. Photographs © Phillips 2025.
